South Korean FinTech Finda, which operates as a prominent loan comparison platform in the nation, has successfully closed a $37m Series C funding round.
Finda has secured $37m in this funding round, with significant investment coming from JB Financial Group and 500 Global, according to a report from FinTech Futures.
Founded in 2015, and headquartered in Seoul, Finda has established itself as one of South Korea’s top three firms in the loan comparison platform market. Competing alongside giants like Toss and Kakao Pay, it brokered loans worth KRW 4 trillion (approximately $3.4bn) last year alone. The platform offers an efficient way for customers to compare different loan products and make well-informed decisions.
With this new infusion of funds, Finda plans to expand its platform further, introducing new products such as mortgage loan repayment, deposit and insurance comparison, and brokerage services. The company is also aiming to launch an artificial intelligence fraud transaction detection system (AI-FDS), as well as develop a specialised alternative credit rating model.
JB Financial Group has not only invested but engaged with Finda strategically, acquiring a 15% stake in the company. The acquisition was split between JB Financial Holdings and Jeonbuk Bank, buying 5% and 10% stakes respectively. This partnership has been fruitful, with Jeonbuk Bank collaborating with Finda on a digital credit loan product offering since 2020.
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